As the start of the school year approaches, Illinois is joining forces with ISL Education Lending to launch the Illinois Partnership Loan Program, a lower-priced undergraduate and graduate student loan program for Illinois residents studying at qualifying Illinois institutions. Specifically, this program is designed to supplement other sources of financial aid for colleges, so students should seek out and exhaust all sources prior to seeking a Partnership Loan.
Applications are currently open, and you can find more information online. In order to be considered, students must be a U.S. citizen or permanent resident currently residing in Illinois who is accepted, enrolled, or attending on a least a half-time basis a nonprofit, Title IV eligible, degree-granting, accredited Illinois college or university. Students can also apply with a cosigner and are eligible to borrow up to the cost of attendance minus other aid each year, as certified by the school. Interest rates are dependent on the applicant’s credit score.